In the present sagging economy, law firms and partners may be facing the prospects of shifting partner ranks. This article addresses the legal ramifications inherent in such changes and hopes to offer some general guidance to both law firms and partners.
Overlaying all partner legal relations is a fiduciary duty, most simply defined as the duty of “finest loyalty.”[1]� This duty is in tension with another basic tenet of partnership law – that partners may freely choose with whom they enter partnerships. Further exacerbating this tension is the current unfavorable economic climate.
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